Market Update - September 13, 2013

CBOT futures are down strongly with losses looking bigger because of the late-day rally yesterday. Despite these losses, prices remain above chart support areas. Profit-taking in soybean futures may be the impetus given how close price was to chart resistance (double-top) in the November contract. USDA reports were bearish for corn and wheat yesterday.

Live Cattle futures have been trading in narrow ranges this week on a lack of fundamental news. October LC bounced higher after closing at a new low for this move yesterday. Also the cash market reportedly traded at steady money to last week.